I was worried last year that one fix to the financial crisis may just lead us to a worse disaster in the future because now we have financial institutions that are "too bigger" to fail. The WaPo has some disturbing facts about the concentration in the financial sector.
Banks 'Too Big to Fail' Have Grown Even Bigger
Behemoths Born of the Bailout Reduce Consumer Choice, Tempt Corporate Moral Hazard
By David Cho
Washington Post Staff Writer
Friday, August 28, 2009
J.P. Morgan Chase, an amalgam of some of Wall Street's most storied institutions, now holds more than $1 of every $10 on deposit in this country. So does Bank of America, scarred by its acquisition of Merrill Lynch and partly government-owned as a result of the crisis, as does Wells Fargo, the biggest West Coast bank. Those three banks, plus government-rescued and -owned Citigroup, now issue one of every two mortgages and about two of every three credit cards, federal data show.
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